Evercore ISI analyst Greg Gordon maintained a Hold rating on PG&E Corp (PCG) yesterday and set a price target of $25. The company’s shares closed last Monday at $16.75.
Gordon observed:
“We discuss these sensitivities in this note. the US Bankruptcy Court held a status conference for establishing procedures in handling competing plans of reorganization (PORs). Several parties in the bankruptcy proceeding had had discussions on such procedures. Judge Montali heard comments from parties including the CPUC, CA Governor’s Office, PCG, official unsecured creditors committee, tort claimants committee, ad hoc senior unsecured noteholders committee, and the ad hoc subrogation claim holders group. It appeared that one of the most controversial issues was whether PCG should have a role in picking a proposed POR.”
According to TipRanks.com, Gordon is a 4-star analyst with an average return of 9.4% and a 73.3% success rate. Gordon covers the Utilities sector, focusing on stocks such as Clearway Energy Inc, Aqua America, and NRG Energy.
Currently, the analyst consensus on PG&E Corp is a Hold with an average price target of $25.17, which is a 39.8% upside from current levels. In a report released yesterday, Wells Fargo also maintained a Hold rating on the stock with a $25 price target.
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Based on PG&E Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.94 billion and GAAP net loss of $2.55 billion. In comparison, last year the company earned revenue of $4.23 billion and had a GAAP net loss of $980 million.
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PG&E Corp. is a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. The firm specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in San Francisco, CA.
